Test #2 Review

Value of all final goods and services produces within a country in a given period of time.

Percentage change in the price level from one period to another.

100

both changes in prices and changes in the amounts being produced.

only changes in the amounts being produced.

When studying the changes in the economy over time, economist want a measure of the total quantity of goods and services the economy is producing that is not affected by changes in the prices of those goods and services. In other words, economists want to study...

The value of foreign goods purchased exceeded the value of goods sold to foreigners during the year.

Not included in GDP because they are not payments for currently produced goods or services.

Purchases of new houses

Capital equipment, inventories, and structures, including household purchases of new housing .

durable goods, nondurable goods, and services.

Market prices.

Every dollar of spending by some buyer is a dollar of income for some seller.

Is equal to it's domestic production.

Are equal to its domestic production